He says all the bad news now creates opportunities for investors willing to look five, 10 or 20 years into the future. "To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation’s many sound companies make no sense," he writes.

Well, what then to buy? Buffett doesn't say what he's buying. J.P. Morgan analysts today though came up with some names, in a note titled "The Franchise 16 - Stocks to own beyond the market turmoil." They see these as core investments for the next 12 to 18 months.

The analysts said they picked their list based on attributes like low leverage, dividend yield, high net income margins and high free cash yields. J.P. Morgan analysts also looked for companies that they believe will outperform in a weakening global economy. Those companies would be able to maintain pricing power, market dominance, and perform counter-cyclically.

Here's their list:

Disclosure: J.P. Morgan could act as an advisor or have other business relationships with any of the above mentioned companies.